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| Version 1 | Version 2 |
|---|---|
| Japan and Australia agree trade deal | Japan and Australia agree trade deal |
| (about 5 hours later) | |
| Japan and Australia have agreed a trade deal which will see them lower tariffs on imports of key products. | Japan and Australia have agreed a trade deal which will see them lower tariffs on imports of key products. |
| Japan has agreed to lower duties on Australian beef and raise the duty-free quota on cheese - Australia's biggest dairy export to Japan. | Japan has agreed to lower duties on Australian beef and raise the duty-free quota on cheese - Australia's biggest dairy export to Japan. |
| Australia will cut tariffs on Japanese electronics, cars and white goods. | Australia will cut tariffs on Japanese electronics, cars and white goods. |
| The deal, agreed after seven years of negotiations, is expected to be finalised later this year when Japan's prime minister visits Australia. | The deal, agreed after seven years of negotiations, is expected to be finalised later this year when Japan's prime minister visits Australia. |
| Australia's Prime Minister Tony Abbott, who is currently visiting Japan, called the pact a historic one. | Australia's Prime Minister Tony Abbott, who is currently visiting Japan, called the pact a historic one. |
| "This is the first time that Japan has negotiated a comprehensive economic partnership agreement or free trade agreement with a major economy, particularly a major economy with a strong agricultural sector," Mr Abbott said. | "This is the first time that Japan has negotiated a comprehensive economic partnership agreement or free trade agreement with a major economy, particularly a major economy with a strong agricultural sector," Mr Abbott said. |
| Broader deal | Broader deal |
| The pact between the two countries comes as officials are trying to push for an ambitious US-led 12-nation free trade plan, the Trans-Pacific Partnership (TPP). | The pact between the two countries comes as officials are trying to push for an ambitious US-led 12-nation free trade plan, the Trans-Pacific Partnership (TPP). |
| Negotiations between representatives of the various nations, which include Australia and Japan, hit a roadblock earlier this year. | Negotiations between representatives of the various nations, which include Australia and Japan, hit a roadblock earlier this year. |
| Differences on the issues of tariffs on imported goods, particularly between the US and Japan, were among the issues that were unresolved. | Differences on the issues of tariffs on imported goods, particularly between the US and Japan, were among the issues that were unresolved. |
| Agricultural tariffs have become a sticking point for Japan, which is keen to protect its rice, wheat, beef and pork producers from outside competition. | Agricultural tariffs have become a sticking point for Japan, which is keen to protect its rice, wheat, beef and pork producers from outside competition. |
| Some analysts suggested that the Australian and Japan deal may help spur progress on the TPP talks. | Some analysts suggested that the Australian and Japan deal may help spur progress on the TPP talks. |
| Aurelia George Mulgan, a professor of Japanese politics at University of New South Wales said the bilateral deal means that "Australia gets preferential treatment over the US." | Aurelia George Mulgan, a professor of Japanese politics at University of New South Wales said the bilateral deal means that "Australia gets preferential treatment over the US." |
| She said that US would be under pressure to agree a deal that puts it "on a level playing field with Australia". | She said that US would be under pressure to agree a deal that puts it "on a level playing field with Australia". |
| "Japan knows that America wants it on board, because TPP without Japan is not much worth all that much. Japan is playing hardball," she added. | "Japan knows that America wants it on board, because TPP without Japan is not much worth all that much. Japan is playing hardball," she added. |
| US President Barack Obama is scheduled to tour the region, including Japan, in the coming weeks and is expected to discuss the issue. | US President Barack Obama is scheduled to tour the region, including Japan, in the coming weeks and is expected to discuss the issue. |
| 'Moderate recovery' | |
| Meanwhile, as expected, the Bank of Japan did not announce any new stimulus measures at the end of its two day meeting,, and said it was not expanding its bond buying programme. | |
| "Japan's economy has continued to recover moderately as a trend, albeit with some fluctuations due to the consumption tax hike," the Bank of Japan said in a statement. | |
| "Private consumption and housing investment have remained resilient as a trend with improvement in the employment and income situation." | |
| Tokyo's Nikkei stock market fell 1.4%, its biggest drop in two weeks, as exporter shares were hit by a continued stronger yen. |